Free Legislative Update Webinar

The CFPB has issued its final RESPA-TILA rule but what does it really mean and how will this new legislation impact your business? Join RamQuest’s Mary Schuster as she takes a deep dive into the new forms issued under the CFPB’s RESPA-TILA Rule. What exactly are these forms? Are there processes and polices that your operation will need to change to integrate these new forms? What is RamQuest doing to prepare and how will this impact your title company? Get answers to these questions and more at this FREE informative webinar.

Watch the Webinar Now!

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Small Entity Compliance Guide for the RESPA-TILA Rule

The CFPB has issued the long awaited Small Entity Compliance Guide for the RESPA-TILA Rule This 89 page provides concise guidance for nuts and bolts of implementation issues and is a great summary of the rule. You can download the Compliance Guide here:

CFPB Small Entity Comliance Guide for the RESPA-TILA Rule

Check Your Answers!

The answer to yesterday's quiz is 20. 

10 versions in English and 10 in Spanish.

Pop Quiz:

How many variations of the Closing Disclosure Form does the Combined Mortgage Disclosures Rule require?

A)  1 - It's a model form

B)  2 - There's a buyer version and a seller version

C)  10

D)  20

The answer tomorrow...

 

Summary of the Final Rule

SCOPE OF THE FINAL RULE
The final rule applies to most closed-end consumer mortgage loans. It does not apply to home equity lines of credit, reverse mortgages, or mortgage loans secured by a mobile home or by a dwelling that is not attached to real property. The final rule also does not apply to loans made by a creditor who makes five or fewer mortgages in a year.

At Long Last….The New Rule

Advanced Highlights of the Final RESPA-TILA Rule

Here's some key points from the rule we know will be released later today.

The implementation date will be 8/1/15

"All in APR" did not survive...for now. The CFPB will continue to monitor over the next 5 years and may revise APR definitions in the future.

The events that would require a retrigger of a new 3 day time period have been curtailed. A 3 day retrigger would occur only in the events of: significant changes to APR, changes in the loan product or the addition of a prepayment penalty.

Copies of the Proposed Final Forms Found Here!

If you're looking for copies of the proposed final forms, you can get them here. The Loan Estimate form (replacement for the GFE) and the Closing Disclosure form are here for your reference.

CFPB - Proposed Loan Estimate Form
CFPB - Proposed Disclosure Form

Driving Change Through the CFPB's Foundation for Reform

Did you miss yesterday's industry webinar, "Driving Change Through The CFPB's Foundation for Reform? You can watch the recording of it by clicking the following link:

Driving Change Through the CFPB's Foundation for Reform

How Do I Make My Voice Heard?

Before we begin discussing specific provisions of the new proposed combined TILA/RESPA Disclosures, an important piece of information to know is how to submit your comments to the CFPB. You’ll want to submit your comments on each area of interest to you. Simply visit this website then click on the Comment Now button near the top right. Remember, comments are due no later than Nov 6, but there will be many topics that need your input.

Proposed Final Rule Published

The CFPB has published the proposed final rule combining the RESPA and TILA disclosures. The proposed rule can be found here and discussion of the provisions will follow here at RESPA Ready.

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